华安基金：央企+红利，有望实现“1+1>2”的效果

Core Viewpoint - The recent influx of funds into dividend-related ETFs indicates a strong long-term investment value in the dividend sector, particularly benefiting from the current "high cut low" market rotation trend [1][2] Group 1: Dividend Sector Investment Value - The Hong Kong dividend index has shown significant long-term excess returns, outperforming both the Hang Seng Index and the CSI Dividend Index, with a dividend yield of 5.80% as of November 10, compared to 4.22% for the CSI Dividend Index [1] - High-dividend companies typically possess stable profitability, solid fundamentals, ample cash flow, and lower volatility, making them attractive investment options [1] - The shift in investment paradigms from high growth to high quality aligns with the characteristics of dividend assets, which are becoming increasingly valuable in a weak economic recovery [2] Group 2: Characteristics of the Hang Seng Hong Kong Stock Connect Central State-Owned Enterprise Dividend Index - The index exhibits a lower valuation, with a price-to-earnings (P/E) ratio of 7.5 and a price-to-book (P/B) ratio of 0.66, significantly lower than other indices and the overall Hong Kong market [3] - The index has demonstrated excellent volatility control, with an annualized volatility of 18.88%, lower than comparable indices, providing a strong defensive attribute [3] - The index has delivered impressive long-term returns, with a year-to-date increase of over 39%, outperforming similar high-dividend indices [4]